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64135

registered interest
date	25/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what discussions the Chancellor of the Exchequer has had with the Governor of the Bank of England on possible increases in interest rates; and what was the outcome of those discussions.
tabling member printed	Lord Barnett
uin	HL639
answer	answer is ministerial correction date of answer 07/07/2014 answer text <p>The UK's monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 07/07/2014 11:08:18 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

49845

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is (1) the total sum, and (2) the percentage, of student loans that have been written off as bad debt.
tabling member printed	Lord Barnett
uin	HL6849
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>Information on the repayment status of student loans is available in the Student Loans Company (SLC) publication<em>‘Student Loans for Higher Education in England, Financial Year 2012-13'</em>.</p><p> </p><p>The Amount of Total Public Debt outstanding (including loans not yet due for repayment) at the start of Financial Year 2012-13 including interest was <strong>£40,271.5m</strong>, rising to <strong>£46,590.4m</strong> by the end of Financial Year 2012-13.</p><p> </p><p>The amount of debt written off or cancelled during the Financial Year 2012-13 was <strong>£27.0m</strong>. This figure is <strong>0.07%</strong> of the Total Public Debt outstanding at the start of Financial Year 2012-13 and <strong>0.06%</strong> of the Total Public Debt outstanding at the end of Financial Year 2012-13.</p><p> </p><p>Write offs occur for policy reasons; when borrowers die, become permanently disabled or when their loan reaches age thresholds. An estimate of ‘bad debt' has not been provided in the answer as there is no standard definition for this.</p><p> </p><p>Statistics referring to the Financial Year 2013-14 will be published in June 2014.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49847

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Ahmad of Wimbledon on 9 April (WA 302), what is the amount of student loan debt still available for sale, including the first tranche referred to.
tabling member printed	Lord Barnett
uin	HL6850
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The total amount of pre-2012 income contingent repayment student loan debt that Government intends to sell has not yet been determined. However, over a five year period, as announced at Autumn Statement 2013, sales are expected to generate between £10 billion and £15 billion in revenues, with a central estimate of around £12 billion.</p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49849

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Ahmad of Wimbledon on 9 April (WA 302), what are the current terms of income contingent repayment loans.
tabling member printed	Lord Barnett
uin	HL6851
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The Education (Student Loans) (Repayment) Regulations set out the terms and conditions of income contingent student loans. This is also set out in the booklet <em>Student Loans – a Guide to Terms and Conditions</em>, the latest copy of which can be accessed at http://www.sfengland.slc.co.uk/media/666045/sfe_t_c_guide_1415_d.pdf . Students are informed at the time of taking out their student loan that the regulations may change from time to time and this means that the terms of their loan may also change.</p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49852

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the answer by Lord Ahmad of Wimbledon on 26 March (HL Deb, col 528), what was the basis on which he described the sale of the student loan book for £160 million as "value for money for the taxpayer"; and what was the original value of the loans.
tabling member printed	Lord Barnett
uin	HL6852
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The Mortgage Style loans offered for sale had a face value of around £890 million.</p><p>The sale of the Mortgage Style Loan Book was value for money as the purchase price exceeded the value of retention to Government.</p><p>The real value of the book is below the face value of the loans because of the subsidised nature of the loans and their age. These loans attract low interest rates and have an earnings threshold for repayment. The age-related write off combined with the earnings threshold means some borrowers never repay.</p><p> </p><p>The sale of Mortgage style Loans also allowed the Student Loans Company to focus on its core business of supplying income contingent loans (ICR) to current students and collecting repayments from those loans.</p><p> </p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

47830

registered interest
date	09/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the average interest rate charged to small and medium-sized enterprises by United Kingdom banks.
tabling member printed	Lord Barnett
uin	HL6772
answer	answer is ministerial correction date of answer 23/04/2014 answer text <p>The Government is committed to supporting small and medium sized businesses and recognises their importance to the economy. Since 2010, the Government has introduced a number of schemes aimed at improving access to finance for businesses, including the creation of the British Business Bank and the introduction of the joint Government and Bank of England Funding for Lending Scheme.</p><p> </p><p>Decisions about whether to lend to specific individuals or businesses including the rate of interest charged, remain commercial decisions for banks and building societies.</p><p> </p> answering member printed Lord Deighton question first answered 23/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

45763

registered interest
date	27/03/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what discussions they have had with the Office for Budget Responsibility concerning explanations suggesting that there is a £20 billion shortfall in public finances.
tabling member printed	Lord Barnett
uin	HL6412
answer	answer is ministerial correction date of answer 08/04/2014 answer text <p>The independent OBR publish a log of all substantive contact with Ministers, their offices and special advisers on their website.</p> answering member printed Lord Newby question first answered 08/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby attachment 1 file name 3379LW 1314.pdf title OFFICE FOR BUDGET RESPONSIBILITY CONTACT LOG
tabling member	1018 label Biography information for Lord Barnett

45764

registered interest
date	27/03/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they consider that an agreement between the Chancellor of the Exchequer and the Governor of the Bank of England overrides the reserve powers given to HM Treasury in section 19(2) of the Bank of England Act 1998.
tabling member printed	Lord Barnett
uin	HL6413
answer	answer is ministerial correction date of answer 09/04/2014 answer text <p>The powers set out in section 19 of the Bank of England Act 1998 cannot be removed or amended except by further legislation approved by Parliament which amends that section of the 1998 Act.</p><p> </p><p>The Treasury may only make an order giving directions under section 19 after consultation with the Governor of the Bank of England, if the directions are required in the public interest and by extreme economic circumstances.</p><p> </p><p>Since the Monetary Policy Committee was given operational independence in 1997, covering the worst financial crisis in generations leading to the deepest recession since the Second World War, these powers have never been used.</p><p> </p><p> </p> answering member printed Lord Newby question first answered 09/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby
tabling member	1018 label Biography information for Lord Barnett